Shares and dividends


Financial analysts

Bank of America Merrill Lynch
Vlad Sergievskii
Mick Pickup
Jean-Luc Romain
Alan Spence
Kepler Cheuvreux
Kevin Roger
Oddo BHF
Baptiste Lebacq
Société Générale
Guillaume Delaby
UBS Securities
Amy Wong

Capital and shareholders

Following the reverse stock split finalized on May 25, 2020, and the completion of the reduction of the nominal value of the shares effective from May 26, 2020, the Company’s capital is now divided into 11,449,694 shares with a nominal value of €0.02 each.

Share capital

As of 31/12/2020
% of capital
% of theoretical voting rights
Group employees
Bpifrance Participations
CDC Savings Fund Department
CDC Group subtotal
Nippon Steel & Sumitomo Metal Corporation
Treasury shares

* From 1 February 2016 onward, Bpifrance Participations and NSSMC shall allow their voting rights to be capped at 15% for a period of 15 years.

Shares and voting rights

Month-by-month information on the total number of voting rights and shares that constitute the share capital. Article 223-16 of the General Regulations of the Autorité des Marchés Financiers (French market authority).

Shares and Voting Right

The number of theoretical (or gross) voting rights is used as a basis for calculating threshold crossings; it includes the voting rights attached to non-voting shares (treasury shares, liquidity agreements, etc.). See AMF 17 July 2007 note and article L.233-7 of the French code of commerce.


Crossing of statutory thresholds

Crossing of statutory thresholds 
(Excerpt from By-laws, article 8, following the Extraordinary General Meeting of 1 June 2006) 

In addition to the declarations of crossing thresholds expressly provided by Articles L. 233-7-I and II of the French Code de Commerce, any shareholder (individual or corporate body) that acquires, directly or indirectly by means of companies controlled by the shareholder within the meaning of Article L. 233-3 of the French Code de Commerce, acting singly or jointly, a number of the Company’s bearer shares equal to or greater than three (3), four (4), six (6), seven (7), eight (8), nine (9) and twelve and half (12.5) per cent of the total number of shares making up the share capital must, within five (5) trading days of crossing said threshold, inform the Company of the total number of shares it holds, by letter sent by recorded delivery with advice of receipt to the Company’s registered office. 

Double voting rights 
(Excerpt from By-laws, article 12-4. Original by-laws) 
4. Holding General Meetings 
Each member of a General Meeting shall have as many votes as shares he or she owns or represents, in the absence of legal provisions to the contrary. 
However, shares that have been paid up in full and which can be shown to have been registered for four years in the name of the same shareholder shall have a voting right that shall be double that granted to other shares. 


The annual shareholders’ meeting on 6 April 2020 approved the allocation of income from the 2019 fiscal year. No dividends will be issued from the 2019 fiscal year.

Vallourec ADR

Sponsored ADR program in the United States 

ADRs have been issued to allow American investors to buy Vallourec shares even though the group is not listed on the American stock market. An ADR (American Depositary Receipt) is an American negotiable security that represents shares of a company listed outside of the United States. It allows American investors to hold shares indirectly and to trade them on the securities markets. 

Vallourec has engaged the bank JPMorgan to issue ADRs that represent Vallourec shares with dividends and voting rights included. As the depositary bank, JPMorgan is required to distribute the dividends in U.S. dollars and facilitate voting participation for ADR holders.

Vallourec ADRs have been trading on the American over-the-counter (OTC) market since 4 October 2010. 

The financial information and listing are available on
Contact info for ADR shareholders
General: (800) 990-1135
For calls outside the USA:  (651) 453-2128
The EQ Shareowner online form
For more information click here

 JPMorgan Service Center
JPMorgan Chase & Co
P.O. Box 64504
St. Paul, MN 55164-0504


1 Vallourec share is represented by 5 ADRs
Listing location
New York
OTC - ISIN: US92023R4074
Ticker symbol: VLOWY - CUSIP no.: 92023R407
Depositary bank
JP Morgan Chase Bank